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Binance Labs Co-leads the Seed Round for Hooked Protocol to Drive Community-Owned Economies

2022-09-09

Main Takeaways

  • Binance co-led the seed round for Hooked Protocol together with Sequoia Seed Fund.

  • Hooked Protocol is building a connection network to empower Web3 social engagement and a growth funnel for Web3 applications.

Binance Labs, the venture capital and accelerator arm of Binance, co-led the seed round for Hooked Protocol together with Sequoia Seed Fund. Hooked Protocol is building a community-driven social network with an on-chain tokenomics design. Users can learn, earn, and enjoy a gamified experience all in the Hooked ecosystem. Hooked Protocol will initially launch on the BNB Chain and later expand into Layer 1 networks.

The applicability of Hooked Protocol is defined by three key pillars: identification, engagement, and attribution. The team is integrating wallets and decentralized identifiers (DIDs) into the Hooked ecosystem, allowing users to access their Web3 identities automatically.

It is also creating “engagement legos” around user acquisition and retention to help builders automate their community interactions. For dApps developers, they can create applications on top of these “engagement” blocks using a plug-and-play approach. Additionally, key user behaviors will be attributed to a specific on-chain identity, allowing ecosystem players to optimize resource allocation and community throughput.

Hooked Protocol aims to help Web2 users transition into the Web3 ecosystem seamlessly, and build the growth infrastructure that decentralized applications (dApps) can implement. While these applications can operate independently, they will form a synergetic network to drive community-owned economies and open innovation.

The funding round will help Hooked Protocol accelerate hiring, research and development, and other early-stage efforts.

About Binance Labs

Binance Labs identifies, invests in, and empowers viable blockchain entrepreneurs, startups, and communities, providing financing to industry projects that help drive the wider blockchain ecosystem.

Binance Labs is committed to supporting fast-executing teams who positively impact the crypto space and build the decentralized web.

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